16 Nobel Prize Winning Economists Warn Trump Will Ruin Economy

[Elixir]

@RVonse are you going to fall for it again?

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It amazes that year after year, decade after decade, Republitards never learn.

And what if it takes 4-8 years for a President’s economic policies to really take effect? Hmm? Ever consider that?

It takes 1.5 to 3 years for the effects of the previous term to wear out.

 

[Cheerful Charlie]

New fiscal years start on October 1st. A president is sworn in in January. So for January to October, the budget from the former president is operative. Major legislation related to economics often does not take effect until months after it is passed, long past October 1st, and takes time to have an effect. But past massive deficits act as an anchor dragging down efforts for some time. One cannot erase Trumps massive debts of $7.8 trillions quickly. The GOP wants to make expiring Trump massive tax cuts permanent in 2025.

 

[Elixir]

One cannot erase Trumps massive debts of $7.8 trillions quickly.

Because of the excellent economy of 2010-2016 it took over three years for Trump to totally screw the economy. Then it took about the same for Sleepy Joe to somewhat mitigate the damage.

One of the big asymmetries is that it’s so much easier to wreck stuff than to fix it. Only Trump’s legendary incompetence kept things from getting even worse under his watch.

 

[Cheerful Charlie]

A link to the letter of the 16 Nobel Prize winning economists.

DocumentCloud

www.documentcloud.org

 

[scombrid]

Ruin the economy for whom though? The mega corporations that control the mainstream media like the destruction. They are positioned to profit and vacuum up the wreckage to further consolidate their power. They made out like bandits after the collapse in 2008, getting rid of smaller but growing banks like Wachovia and Washington Mutual. The GOP tax give away of 2017 was good to them. They did well with Covid mishandling and the aftermath. They make it impossible for an Elizabeth Warren to get any traction. Mainstream media (starting with NBC’s Apprentice) put Trump in office the first round. We are definitely well into an Atwood style dystopia.

 

[RVonse]

And I repeat the question because I really want to know, What exactly is Trump's plan and vision?

For the economy, tariffs in place of income tax.

LD posted this in another threat on Trump's insanity.: "In 2022, the federal income raised about $2.6 trillion while import tariffs raised about $0.1 trillion. So the proposal is effectively bullshit."

Would you like to do the math on that, RV?

I mean, you can do it, but it isn't as simple as TARIFF THIS!! The idea that no one will respond to said tariffs is also an issue. This tariff idea is kind of like how I play chess, one move at a time, with no bloody clue what I'm doing after the opponent makes their move.

At first glance the math does not look like it adds up. But Trumps plan would add up with some tweeking to it and no individuals paying income tax as well. Just so long as corporate income taxes were left in place along with the tariffs. Why does America need more of a plutocracy than it already has? And why does America need more cheap Chinese crap? The money to run our government could and should come from the places we should want less of.....corporate monopolies and China. Not the individual citizens who seek more opportunity by living here.

 

[RVonse]

Ruin the economy for whom though? The mega corporations that control the mainstream media like the destruction. They are positioned to profit and vacuum up the wreckage to further consolidate their power. They made out like bandits after the collapse in 2008, getting rid of smaller but growing banks like Wachovia and Washington Mutual. The GOP tax give away of 2017 was good to them. They did well with Covid mishandling and the aftermath. They make it impossible for an Elizabeth Warren to get any traction. Mainstream media (starting with NBC’s Apprentice) put Trump in office the first round. We are definitely well into an Atwood style dystopia.

If you are too big to fail you are too big exist and should be subject to an anti-trust break up.

 

[laughing dog]

And I repeat the question because I really want to know, What exactly is Trump's plan and vision?

For the economy, tariffs in place of income tax.

LD posted this in another threat on Trump's insanity.: "In 2022, the federal income raised about $2.6 trillion while import tariffs raised about $0.1 trillion. So the proposal is effectively bullshit."

Would you like to do the math on that, RV?

I mean, you can do it, but it isn't as simple as TARIFF THIS!! The idea that no one will respond to said tariffs is also an issue. This tariff idea is kind of like how I play chess, one move at a time, with no bloody clue what I'm doing after the opponent makes their move.

At first glance the math does not look like it adds up. But Trumps plan would add up with some tweeking to it and no individuals paying income tax as well. Just so long as corporate income taxes were left in place along with the tariffs. Why does America need more of a plutocracy than it already has? And why does America need more cheap Chinese crap? The money to run our government could and should come from the places we should want less of.....corporate monopolies and China. Not the individual citizens who seek more opportunity by living here.

Tariffs cannot raise the amount of revenue that the federal personal income tax does. Factor in that while tariffs are collected and remitted by importers, they raise the price of imports (and prices of import competing goods) which mean the domestic purchasers end up paying a portion of the tariff to the extsnt prices are higher.

BTW Trump is talking about reducing corporate tariffs using the Laffer curve argument.

 

[bilby]

And I repeat the question because I really want to know, What exactly is Trump's plan and vision?

For the economy, tariffs in place of income tax.

LD posted this in another threat on Trump's insanity.: "In 2022, the federal income raised about $2.6 trillion while import tariffs raised about $0.1 trillion. So the proposal is effectively bullshit."

Would you like to do the math on that, RV?

I mean, you can do it, but it isn't as simple as TARIFF THIS!! The idea that no one will respond to said tariffs is also an issue. This tariff idea is kind of like how I play chess, one move at a time, with no bloody clue what I'm doing after the opponent makes their move.

At first glance the math does not look like it adds up.

That's because it doesn't even come close to adding up.

But Trumps plan would add up with some tweeking to it and no individuals paying income tax as well.

No, it absolutely would not. Not even close.

Just so long as corporate income taxes were left in place along with the tariffs.

Yeah, that would help almost not at all.

Why does America need more of a plutocracy than it already has?

How would this insanity address the problem of having a plutocracy?

And why does America need more cheap Chinese crap?

Because Americans couldn't afford American crap.

The money to run our government could and should come from the places we should want less of

The money to run your federal government comes from the federal government. That's why they are called "US Dollars".

The federal taxes you pay are a way to reduce the money supply, thereby avoiding hyperinflation. They don't pay for the federal government. Federal government funding and finances are NOTHING like state government, city government, or household finances. That's why you don't have California Dollars, or Santa Monica Dollars, or RVonse Dollars.

.....corporate monopolies and China.

You don't want less of "China". The trade balance clearly shows that US residents want more and more of "China". The shouts of your actions drown out the whispers of your words.

Not the individual citizens who seek more opportunity by living here.

Individuals are the entities who decide how to spend money. Taxes on anything other than their income or spending are just indirect taxes on those individuals; Whatever the other taxes (or tariffs) are, they are just an inefficient version of income or sales taxes.

 

[scombrid]

Ruin the economy for whom though? The mega corporations that control the mainstream media like the destruction. They are positioned to profit and vacuum up the wreckage to further consolidate their power. They made out like bandits after the collapse in 2008, getting rid of smaller but growing banks like Wachovia and Washington Mutual. The GOP tax give away of 2017 was good to them. They did well with Covid mishandling and the aftermath. They make it impossible for an Elizabeth Warren to get any traction. Mainstream media (starting with NBC’s Apprentice) put Trump in office the first round. We are definitely well into an Atwood style dystopia.

If you are too big to fail you are too big exist and should be subject to an anti-trust break up.

I’m sure Trump and appointees to his cabinet like Ajit Pie will get right on that. That is definitely what the GOP is all about, breaking up corporate hegemony.

 

[ZiprHead]

Ruin the economy for whom though? The mega corporations that control the mainstream media like the destruction. They are positioned to profit and vacuum up the wreckage to further consolidate their power. They made out like bandits after the collapse in 2008, getting rid of smaller but growing banks like Wachovia and Washington Mutual. The GOP tax give away of 2017 was good to them. They did well with Covid mishandling and the aftermath. They make it impossible for an Elizabeth Warren to get any traction. Mainstream media (starting with NBC’s Apprentice) put Trump in office the first round. We are definitely well into an Atwood style dystopia.

If you are too big to fail you are too big exist and should be subject to an anti-trust break up.

Hey, I agree with RVonse on something.

 

[Patooka]

Ruin the economy for whom though? The mega corporations that control the mainstream media like the destruction. They are positioned to profit and vacuum up the wreckage to further consolidate their power. They made out like bandits after the collapse in 2008, getting rid of smaller but growing banks like Wachovia and Washington Mutual. The GOP tax give away of 2017 was good to them. They did well with Covid mishandling and the aftermath. They make it impossible for an Elizabeth Warren to get any traction. Mainstream media (starting with NBC’s Apprentice) put Trump in office the first round. We are definitely well into an Atwood style dystopia.

If you are too big to fail you are too big exist and should be subject to an anti-trust break up.

Hey, I agree with RVonse on something.

Going by the politicians RVonse supports, I'm not sure he actually believes that though.

 

[Elixir]

Going by the politicians RVonse supports, I'm not sure he actually believes that though.

“First glance” y’know.

I’m sure there’s an opinion from Alito or Thomas (who have declared the supremacy of their own knowledge in all matters of economics and science in the last few days) that will help provide a second glance.

 

[Ford]

Ruin the economy for whom though? The mega corporations that control the mainstream media like the destruction. They are positioned to profit and vacuum up the wreckage to further consolidate their power. They made out like bandits after the collapse in 2008, getting rid of smaller but growing banks like Wachovia and Washington Mutual. The GOP tax give away of 2017 was good to them. They did well with Covid mishandling and the aftermath. They make it impossible for an Elizabeth Warren to get any traction. Mainstream media (starting with NBC’s Apprentice) put Trump in office the first round. We are definitely well into an Atwood style dystopia.

If you are too big to fail you are too big exist and should be subject to an anti-trust break up.

Hey, I agree with RVonse on something.

Going by the politicians RVonse supports, I'm not sure he actually believes that though.

Politicians who rise to the level of trust-busting are pretty rare nowadays. Off the top of my head, HSBC was literally laundering money for drug cartels and terrorist organizations and the toughest punishment that the "racial leftist" Obama administration managed to bring was a fine that amounted to a slap on the wrist. Break up the bank? "Oh...goodness no. We can't do that! They've assured us that they'll be like...super good on all this money laundering stuff from here on out." A decade later they were let off the hook after pinky-swearing not to do any more of that silly money-laundering shenanigans. It's a win-win!!!

In an odd coincidence, a seance was held in upstate New York where the psychic allegedly in touch with the spirit of Teddy Roosevelt said that they clearly heard a voice on the wind that said "If I wasn't dead I'd go all San Juan Hill on you motherfuckers."